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Poloniex Review – What’s The Real Deal? What we Know



Read our long form review here:

Poloniex is a US based exchange that was founded in 2014. It is well known in the community because of the investment that it took in from Circle financial in 2018.

In terms of security, the exchange has suffered a breach that took place in 2014. This led to the loss of 12.3% of all of the Bitcoin that they had in storage. However, since then they have beefed up their security with cold storage and and other protocols. There have been no hacks since.

Taking a look at Fees on Poloniex, they operate a maker-taker model that runs on sliding scale. This scale is adjusted based on trading volume and those traders that do more trading on a 30 day basis will have a lower fee.

Unfortunately, Poloniex has implemented a compulsary KYC and identification procedure so you will have to fully identify yourself. They no longer offer anonymous accounts.

Customer support at Poloniex has received quite a few complaints in the past. Traders have complained about day long waits for any responses on their tickets. One can only hope that the circle investment is likely to improve it.

Taking a look at the trading platform, it does appear to be quite basic. This is the same trading platform that Poloniex has had for a number of years. We are still waiting to see whether the Circle investment is likely to improve it.

Poloniex does have margin trading functionality but this is only open to those traders who are not based in the US. Also, these leverage levels go up to a maximum of 2.5x so it is much lower than some of the other future and margin brokers / exchanges.

There is also a pretty standard API that could work well for those traders who like to develop their own bots and algorithms. There is also a mobile application that you can use to trade on the go and if you are away from your PC.

In conclusion, the exchange appears to be pretty standard. We were quite dissapointed to see that the Circle investment has not really paid off yet in terms of improved trading and better customer support. We will have to wait and see how long it takes.

Disclaimer:
This is for informational purposes only. Coin Bureau does not provide investment advice, nor is it an offer or solicitation of any kind to buy or sell any investment products. Rates and terms set on third-party websites are subject to change without notice.

Source: Coin Bureau

8 Responses

  1. Did they close their exchange ? Cause I had small account with them opened in 2017 ! And kind of just left it be ! Just recently got email had to sell by dec 2019 since I didn’t ! Apparently they sold of all the crypto and now have to wait till they sell my coins in order for me to even acquire about it ! Even though they cannot even provide a date !!!

  2. I transferred my coins this shitass exchange , it appeared on Poloniex AFTER 8 months!!! 8 Fucking months!!!!!
    No customer service, no answer to my billions of emails.

    STAY AWAY FROM IT IF YOU VALUE YOUR MONEY

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